There’s no SMC, so you can’t reset it. Although there’s still NVRAM (PRAM), that can’t be reset either: full details of both for M1 models.
From hardware diagnostics to pmset and resetting the SMC, all you need to know about diagnosing wake and sleep problems.
FileVault is most secure and robust when you shut your Mac down. But there are many times when you want full protection when only sleeping.